Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 7.7% – What’s Next?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price fell 7.7% during trading on Wednesday . The stock traded as low as $8.57 and last traded at $8.69. 4,428,077 shares traded hands during trading, a decline of 83% from the average session volume of 25,314,307 shares. The stock had previously closed at $9.42.

Wall Street Analyst Weigh In

Several research firms have issued reports on EOSE. B. Riley Financial decreased their price target on shares of Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, March 5th. Roth Mkm reduced their target price on shares of Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, February 27th. Needham & Company LLC started coverage on Eos Energy Enterprises in a research note on Friday, May 22nd. They set a “buy” rating and a $11.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Finally, Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $10.94.

Eos Energy Enterprises Trading Down 9.1%

The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of -1.28 and a beta of 2.62. The stock has a fifty day moving average price of $6.69 and a 200-day moving average price of $10.41.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.34. The company had revenue of $56.96 million for the quarter, compared to analyst estimates of $54.32 million. On average, equities analysts expect that Eos Energy Enterprises, Inc. will post -0.8 EPS for the current year.

Insider Activity

In other news, Director David Urban acquired 16,250 shares of the firm’s stock in a transaction on Monday, March 9th. The shares were purchased at an average cost of $6.16 per share, with a total value of $100,100.00. Following the completion of the purchase, the director owned 62,471 shares of the company’s stock, valued at $384,821.36. This represents a 35.16% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marian Walters sold 7,681 shares of Eos Energy Enterprises stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $7.07, for a total transaction of $54,304.67. Following the completion of the transaction, the director owned 135,334 shares of the company’s stock, valued at $956,811.38. This trade represents a 5.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.73% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. L.K. Benson & Company P.C. acquired a new position in Eos Energy Enterprises during the 3rd quarter worth $887,000. State of New Jersey Common Pension Fund D acquired a new stake in shares of Eos Energy Enterprises in the 4th quarter valued at $1,834,000. Baker Avenue Asset Management LP bought a new stake in shares of Eos Energy Enterprises during the fourth quarter worth $11,542,000. Vanguard Group Inc. lifted its stake in shares of Eos Energy Enterprises by 19.8% during the fourth quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after acquiring an additional 3,080,012 shares during the period. Finally, DNB Asset Management AS lifted its stake in shares of Eos Energy Enterprises by 22.4% during the third quarter. DNB Asset Management AS now owns 1,034,086 shares of the company’s stock valued at $11,778,000 after acquiring an additional 189,039 shares during the period. Institutional investors and hedge funds own 54.87% of the company’s stock.

About Eos Energy Enterprises

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company’s core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company’s flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.